700+ companies close in Zim

Cape Town – Hundreds of companies in Zimbabwe are reportedly closing down, throwing tens of thousands of workers onto the streets, with critics blaming the situation on poor governance.

According to the Zimbabwe Independent, scores of big companies that used to employ thousands of people were either on the verge of collapse or had closed down completely, leaving workers in dire situations.

A report released by the National Social Security Authority revealed that the period July 2011 to July 2013 saw a total of 711 companies in Harare close down, leaving 8 336 individuals jobless.

Some of the major companies that have retrenched workers include platinum miners Zimplats and Unki, Bindura Nickel, Spar supermarkets, Dairibord, Cairns, Olivine Industries and PG Industries, said the report.

Zimbabwe’s unemployment rate is estimated at above 88%.

Source: http://www.news24.com/Africa/Zimbabwe/700-firms-shut-down-in-Harare-report-20131021

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